Mar 052014
 
Detroit bankruptcy plan puts buzzsaw to pension benefits

Complicated bailout also offers contribution break for city until 2023 By Kevin Olsen, Pensions & Investments, March 3, 2014 Detroit’s state-appointed emergency manager sliced into the accrued benefits of pension fund participants in a plan of adjustment filed in U.S. Bankruptcy Court on Feb. 21, while the city would not be required to make any […]

Mar 052014
 

Curt Guyette, Investigative Reporter, ACLU of Michigan, February 14, 2014 There’s an old adage that alludes to the futility of shutting barn doors once the horses have fled.  With that bit of folk wisdom in mind, it’s worth pointing out that there is a certain runaway horse aspect to the state of Michigan’s emergency manager […]

 March 5, 2014  Posted by at 4:55 am Uncategorized Tagged with: , ,  No Responses »
Mar 052014
 
What's In Detroit's Latest Derivatives Settlement Proposal?

By Wallace Turbeville, Demos, March 4, 2014 The proposal includes a new provision … releasing the bank counterparties from liability in deals related to, but different from, the swaps. There may even be other undisclosed concessions in the settlement. Maybe this new settlement is not an improvement after all. The Detroit Emergency Manager, Kevyn Orr, […]

Mar 052014
 
Detroit Emergency Town Hall meeting opposes bankruptcy plan

By Abayomi Azikiwe, March 4, 2014 Detroit — A standing-room-only audience at Central United Methodist Church participated in an Emergency Town Hall meeting March 2 in response to the “Plan of Adjustment” in the Detroit federal bankruptcy case. The document is designed to institutionalize corporate rule over the people of this majority African-American city. The […]

Mar 022014
 
Detroit Water and Sewerage Downgraded By Fitch

by Douglas A. McIntyre, 24/7 Wall Street, March 1, 2014 Detroit has enough problems with its shrinking population and falling tax bases, its Chapter 9 filing, and battles with pensions and bondholders. However, its troubles increases as Fitch downgraded bonds issued by the city on behalf of the Detroit Water and Sewerage Department (DWSD). DWSD […]